Key data from Fastmarkets' pricing sessions in India, Europe, China and the United States on Friday October 22.China Higher port prices and the likelihood of fewer shipments arriving in the coming months supported buying sentiment in the seaborne manganese ore market. Portside low- and high-grade manganese ore markets extended their rallies amid firm sentiment among suppliers, but buying appetites...Read More
An overview of the new energy materials markets and their price moves in the week to Friday October 22.Susan Zou, Yingchi Yang and...Read More
The three-month copper contract is trading near record highs on the London Metal Exchange, cash prices are rising even faster, and inventories are descending toward zero. Try running a hedge book in those conditions.It's been a very real quandary facing the physical trade and industry, which awoke on Tuesday October 19 to find copper's cash to November spread had flared to a backwardation of more...Read More
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.It is hard to find bright sparks in the months ahead for the ferrous supply chain, which has been buffeted repeatedly in a short span of few months, starting with Chinese Premier Li Keqiang's comment...Read More
Looming backwardations on London Metal Exchange spreads sparked a sell-off of P1020 aluminium in Europe on Thursday October 21, with participants concerned about carrying metal into 2022.Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam at $250-270 per tonne on Thursday, down from $285-300 per tonne on Wednesday October 20. The decrease marks the assessment's lowest range sin...Read More
The battery raw materials supply chain in China took a breather after a week-long holiday to mark the country's national day in early October, with the lifting - partially or otherwise - of extensive power cuts announced in late September in several production hubs. The supply chain is still vulnerable to power restrictions, however, which are likely to persist in winter. Similar to those for oth...Read More
London Metal Exchange base metals prices were mostly lower at the 5pm close on October 22, with investors looking to book profits from peaks reached earlier in the week. Aluminium's three-month price rolled back most of the gains made so far this month, with its closing price on Friday at 5pm, at $2,868 per tonne, being the lowest since October 6, with more than 37,000 lots traded. The metal...Read More
Seaborne prices for low-volatility pulverized coal injection material (PCI) in both the fob and cfr markets in China have increased because of persistently tight supply, Fastmarkets heard on Friday October 22.A trade was finally heard in the fob spot market on Friday. And China's National Development & Reform Commission (NDRC) held a meeting during the morning to work out plans to tackle high coal...Read More
Seaborne iron ore prices corrected upward on Friday October 22 after a sharp decrease on Thursday amid continuous bearish outlook for iron ore demand.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $119.52 per tonne, up $2.59 per tonne62% Fe low-alumina fines, cfr Qingdao: $120.89 per tonne, up $2.21 per tonne58% Fe fines high-grade premium, cfr Qingdao: $92.38 per tonne, up $3.40 per tonne...Read More
European steel companies must scale up their decarbonization technologies within the coming decade or risk exhausting their allocated emissions allowances early, according to a report released on Tuesday September 14.The report, "Steeling for Net Zero," by climate researcher Industry Tracker, found that selected European steel companies have less than 26% of their carbon budget remaining and must...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This month's key North American steel forecast highlights:US prices for hot-rolled coil moved in line with our forecasts in August, averaging $1,910 per ton, within 1% accuracy of our forecast of $1,925 per ton. The market has achieved much-needed stability in recent weeks, with prices fluctuating in the range of $1,900-1,94...Read More
London Metal Exchange base metals prices were mostly lower at the 5pm close on October 22, with investors looking to book profits from peaks reached earlier in the week. Aluminium's three-month price rolled back most of the gains made so far this month, with its closing price on Friday at 5pm, at $2,868 per tonne, being the lowest since October 6, with more than 37,000 lots traded. The metal...Read More
Unites States steelmaker Cleveland-Cliffs plans to increase its share of the US domestic prime scrap market amid increasing demand and the failure of the country's own manufacturing supply to keep up, the company's chairman, president and chief executive officer said.Lourenco Goncalves told a conference call for the Cleveland, Ohio-based company's third quarter earnings that the company didn't hav...Read More
Vale has restarted a conveyor belt at its Salobo copper mine in Brazil following an 18-day stoppage due to a fire, the multi-metal producer said on Friday October 22.Activities at the site's processing plant resumed on Friday, and the company will subsequently ramp up copper concentrate output on Monday October 25.An estimated 8,000 tonnes of copper production was lost because of that downtime, Va...Read More
Aluminium billet premiums remained high across the globe on Friday October 22, with market participants focused on business for 2022.EuropeEuropean billet premiums hit more record highs in the week ended October 22, with continued strong demand and concern about availability going into next year.Fastmarkets assessed the aluminium 6063 extrusion billet premium, ddp North Germany (Ruhr region), at $...Read More
The spot copper concentrate processing charge continued to drop for the fourth consecutive week. Fastmarkets assessment of the copper concentrate treatment charge/ refining charge (TC/RC) stayed below $60/6 with a lack of liquidity and spot appetite. Smelters' purchase TC was assessed at mid-to-low $60s while traders' purchase TC was at low $50s for standard material. ...Read More
Changes to deliverable stocks of base metals in Shanghai Futures Exchange warehouses were mixed during the week to Friday October 22, with aluminium increasing the most in percentage terms and tin leading the declines.Aluminium inventories grew by 20,657 tonnes, or 8.3%, week on week to 269,582 tonnes, from 248,925 tonnes previously, with stocks in warehouses in Henan, Guangdong and Jiangsu region...Read More
A summary of Swedish metals producer Boliden's financial and production results for the third quarter of 2021, as released on Friday October 22.In brief:?EUR?Boliden's revenues for the third quarter of 2021 were 15,906 million Swedish krona, rising from 13,550 million krona in the previous quarter.?EUR?Boliden's total operating profit for the same June-September period, however, was 2,305 million...Read More
Prices for Brazilian slab declined in the export market amid fresh deals, but sources see solid demand.Fastmarkets' weekly price assessment for steel slab export, fob main port Brazil was at $720-740 per tonne on Friday October 22, down by $20 from $740-760 per tonne a...Read More
Prices for cold-rolled and galvanized steel sheet in the United States edged lower on Thursday October 21 after remaining flat for several weeks.Fastmarkets' weekly assessment for steel cold-rolled coil, fob mill US stood at $108 per cwt ($2,610 per ton) on October 21, down by 1.82% from $110 per cwt on October 14 but up by 166.67% from $40.50 per cwt one year earlier.Fastmarkets' assessment for s...Read More